Tag: Loan

4 Ways You Might Be Hurting Your Credit Score (And What You Can Do About It)


Factors contributing to someone's credit score...
Factors contributing to someone’s credit score, for Credit score (United States). (Photo credit: Wikipedia)

4 Ways You Might Be Hurting Your Credit Score (And What You Can Do About It).

Kentucky FHA, VA, KHC, Rural Housing and Fannie Mae Loan Free Pre-Approvals for Mortgage Loans

via 4 Ways You Might Be Hurting Your Credit Score (And What You Can Do About It).

Live5News.com | Charleston, SC | News, Weather, Sports

Related Articles

Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011


Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.

via Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011.

Kentucky Single Family Housing USDA RHS Guaranteed Loan Program Update 2011


Single Family Housing Guaranteed Loan Program
May 26, 2011

Kentucky USDA / RHS Single Family Housing Guaranteed Loan Program

May 26, 2011

GUARANTEED LOAN FUNDING UPDATE:  HELP WANTED!
$24 BILLION DOLLARS ALLOCATED FOR GUARANTEED LOANS!

$24 billion dollars is available in Fiscal Year 2011 (through September 30, 2011) in the Single Family Housing Guaranteed Loan Program (SFHGLP).  To utilize these available funds, WE NEED YOUR HELP!

SERVE RURAL HOMEBUYERS!  In the past, funding shortages due to overwhelming volume and program demand may have prohibited some homebuyers from utilizing the SFHGLP.  Fiscal year 2011 will be different!  Congress responded to lender requests for more funding and delivered $24 billion for the current fiscal year!

LEND WITH CONFIDENCE!  Future Guaranteed Loan Funding Updates will continue to be released in order to keep our lending partners informed of available funding levels.
As of May 26, 2011:
TOTAL $ OBLIGATED:      $9.2 BILLION
TOTAL # LOANS:                 70,759

OVER $15 BILLION REMAINS TO
SERVE RURAL HOMEBUYERS!

Thank you for your support of the Single Family Housing Guaranteed Loan Program!

Related articles

Kentucky USDA and Rural Housing Changes May 1, 2013


CHANGES ARE COMING ……MAY 1, 2013!

 

PLEASE REVIEW THIS NOTICE TO MAKE SURE YOU ARE AWARE OF THE CHANGES.

 

Attached to this list serv is RD AN 4710. It contains new instructions for ratio waivers. A few key points have been highlighted below. Please read the complete AN prior to processing or underwriting loans to be submitted beginning May 1, 2013.

 

These guidelines only apply to manually underwritten loans, GUS “Refer”, and GUS “Refer with Caution” loans. These changes do not apply to GUS “Accept” loans or GUS “Accept” loans that require a “Full Documentation” loan submission.

 

  • Ratio waivers will only be granted for loans that the ratios do NOT exceed 32/44, and
  • The credit score of all applicant(s) must be 680 or greater, and
  • At least one of the acceptable compensating factors that is listed in the AN is identified and supporting documentation is provided to USDA Rural Development.
  • There will be NO exceptions to the defined ratio thresholds and minimum credit score requirements.

 

If a loan is submitted that does not meet the requirements listed above, it will be automatically rejected. Please ensure the ratios are calculated correctly and submit the required evidence with the loan submission.

 

PLEASE REMEMBER THAT WE CANNOT ACCOMMODATE RUSH REQUESTS.

 

Each loan specialist has the turn times listed on their out of office reply. If you know that your loan has not been in our office for the amount of time listed, please help us by not calling until that time has passed. If possible, please discourage borrowers, sellers, realtors, brokers, mothers, (you probably think we are kidding) aunts, and uncles, from calling and asking about loan status. It slows us down considerably. We would like to be able to turn the loans around faster and ask for your help.

 

There are a couple of other items that will help with getting a conditional commitment faster.

 

  • Please ensure that the complete1980-21 is revision 2/13. We are still getting the second page from an old version of the form.

 

 

  • Please include a copy of the HUD-1 if there has been a recently sold residence.
  • Please include a copy of the non-signing adult household member letter if there is no income.
  • Please include a payoff sheet for a refinance loan.
  • Due to the length of our turn times, if you are aware that the interest rate or loan amount will be changing within the 15 days that the loan is in our office, please let us know so that we can make the changes prior to issuing a conditional commitment and avoid processing the loan twice.

 

Thanks so much for your patience and help with these matters.

 

We look forward to working with you and appreciate the work you do to assist families become successful homeowners in rural Utah.

 

Sincerely,

 

Utah SFH Guaranteed Loan Program

Related Articles

Swimming Pools and USDA loans


Swimming Pools for Kentucky USDA and RHS Rural Housing Loans Guidelines 2013

 

If you are purchasing a home using USDA financing, and the property has a swimming pool, there a specific guidelines that must be followed by the appraiser with regards to how the final appraised value is determined.

USDA will finance properties with pools, but they distinguish between above ground and in-ground pools.  If a pool or jacuzzi is above ground, there is no issue.  However, if the pool is an in-ground pool, then the underwriter will deduct the value of the pool from the final appraised value.

For example, if a property has a sales price of $200,000, and has an in-gound pool, the appraiser must find other comparable sales with swimming pools like the subject property.  If he or she determines the value of the pool is $10,000, then this amount will be deducted from the final appraised value of the property.  If the appraiser determines the value of the property is $210,000, then the USDA underwriter will reduce the value by the amount of the pool ($10,000) and the final value used for loan purposes will be $200,000.  If the appraiser determines the final value is at sales price, or $200,000 in this example, then the USDA underwriter will reduce the appraisal down to $190,000, and this is the value that will determine the final loan amount available to the borrower.

So as you can see, if the property appraises high enough, the deduction for the pool wont be an issue, as the appraisal will still be at or above the sales price.  However, if the property appraises at or near the sales price, the buyer could have an issue with a “low appraisal” after the value of the pool is deducted, even though the actual appraised value came in at or around the sales price.

When getting a USDA loan on a property with an in-ground pool, make sure the lender, agents and appraiser are aware of this guideline going in so they can try to address any potential issues surrounding the USDA guideline.

Related Articles

usdahomeloan's avatarUSDA Home Loan Information

If you are purchasing a home using USDA financing, and the property has a swimming pool, there a specific guidelines that must be followed by the appraiser with regards to how the final appraised value is determined.

USDA will finance properties with pools, but they distinguish between above ground and in-ground pools.  If a pool or jacuzzi is above ground, there is no issue.  However, if the pool is an in-ground pool, then the underwriter will deduct the value of the pool from the final appraised value.

For example, if a property has a sales price of $200,000, and has an in-gound pool, the appraiser must find other comparable sales with swimming pools like the subject property.  If he or she determines the value of the pool is $10,000, then this amount will be deducted from the final appraised value of the property.  If the appraiser determines the value of…

View original post 268 more words